Targacept and AstraZeneca’s drug failed in its first late-stage clinical trial, the companies developing the drug said Tuesday.

Shares of the drug’s main developer, Targacept, plunged 57 percent in early trading Tuesday morning to $8.23. AstraZeneca paid $200 million up front in a deal announced in 2009 for rights to the drug, known as TC-5124.

What a shame – not!



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